Care Property Invest expands its Spanish property portfolio

Care Property Invest finalised the purchase of its third Spanish project, ‘Emera Mostoles’, a yet to be developed residential care centre in Mostoles (Madrid). The project will be built by Alta Real Estate S.L. (part of the Habescon Immobiliaria group) and upon completion, expected in Q2 of 2023, will comprise 148 rooms. The total investment value for the construction of this residential care centre is estimated to be approximately €12 million.

Care Property Invest is entering into its third partnership with French healthcare operator Groupe Emera, Europe’s seventh largest elderly care provider. This transaction is part of Care Property Invest’s strategic growth plan in this market. Peter Van Heukelom, CEO of Care Property Invest says: ‘With the construction of this residential care centre our team continues to work on the further expansion of our Spanish healthcare real estate portfolio, which now includes 3 projects. We also look forward to strengthening our partnership with leading healthcare operator Emera.’

The site

The new residential care centre will be built in Mostoles, a suburb of Madrid (also situated in the Autonomous Community of Madrid). The building will have five floors (one ground floor and four upper floors) and will have 148 private rooms. The residential care centre will have its own doctor’s practice, physiotherapy practice, hairdresser’s salon and pedicure room. There will be a cosy restaurant on the ground floor and a beautiful garden with a terrace outside.

‘Emera Mostoles’ is located near a supermarket and only 1 km away from restaurants, shops, banks etc. The centre of Mostoles is 3 km away and the centre of Madrid is 20 km away. The project is easily accessible by car via the A5, M50 and M506 motorways andby public transport thanks to a bus stop 350 m away.

The transaction

After receiving the necessary permits, Care Property Invest purchased the land of this project through its Spanish subsidiary Care Property Invest Tulip S.L., on which Alta Real estate S.L. (part of the Habescon Immobiliaria group) will now build the residential care centre.

The construction works are financed in instalments by the Company, according to the progress of the works. These construction works have now started and the completion of the entire project is foreseen in Q2 of 2023. For the operation of this project, the Company concluded a new long-term lease agreement of the ‘triple net’type (renewable and annually indexable) with a minimum duration of 15 years with a subsidiary of Groupe Emera.

The operator

With 81 establishments of which 69 nursing homes in 7 European countries and more than 7 750 beds in its portfolio, the French healthcare operator Groupe Emera is the seventh largest player for elderly care in France and in Europe. They are currently active in France (54 establishments of which 42 nursing homes), Spain (13 nursing homes), Belgium (5 nursing homes), Luxembourg (1 nursing home), Switzerland (1 nursing home), Italy (2 nursing homes) and Ireland (5 nursing homes). Group Emera took its first steps on the Spanish market in 2017 and currently operates 13 sites with approximately 1 850 beds. The Emera Group has several new projects to be opened in the coming months.